BoG lauded for issuing guidelines for allocation of FX auctions to BDCs
The Bank of Ghana Headquarters
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Petroleum economist, Dr Theo Acheampong has lauded the Bank of Ghana for announcing guidelines for the allocation of foreign exchange (FX) through forward auctions to Bulk Distribution Companies.
The development comes after the central bank made the decision to auction dollars to BDCs licensed by the petroleum regulator [National Petroleum Authority] on imports.
The Bank in a statement outlined that the guidelines will serve as the conduct of foreign exchange forward auctions on the interbank foreign exchange market for the BDCs.
Reacting to the development via Facebook, Dr. Theo Acheampong said the move will go a long way to help stabilise prices of petroleum products across the pumps in the country.
“In the long term, we need to get our domestic refineries working,” he advocated.
Meanwhile, the Bank of Ghana said the multiple price forward FX auctions is intended to reduce doubt over the future availability of FX and aid toward price discovery, particularly for the general pricing window within the downstream petroleum sector.
Read the BoG's guidelines below:
